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There are many perks to being a business owner, like being
you own boss, making your own schedule, putting a higher dollar value on your
time, and pride of ownership. Another great reason, you want to own a business
because you can qualify for higher credit card limits and these credit cards do
not affect your personal credit once you’re approved and if you’re set up as a
C-corporation.
However, one the biggest most benefits are the business tax
write-offs. Business ownership does have
a price, especially when you’re using the banks money to help fund the business. The good news is that business bank fees can
be tax deductible and we give you a few examples here:
Annual Fees
Annual fees on a business card are tax deductible. This may
be a great way to justify getting that card with the steep annual fee that also
has amazing rewards. Yes, you can write it off, but keep in mind that the
primary use of the card needs to be for business purposes and not for personal
use.
Late Fees
Hopefully you’re not incurring late fees on your credit
cards, but mistakes happen and you sometimes forget to make a payment. Those
fees can be written off for your business taxes. Of course, it’s always best to
call the company and explain you simply forgot and ask if they can waive the
fee this time; saving $35 is almost always going to be better than claiming a
$35 tax deduction.
Interest Charges
Again, in an ideal world you won’t be paying interest on any
of your purchases. But there are times when you need equipment, and there just
isn’t enough cash in the bank to pay for it right away. Those interest charges
are all tax deductible.
Swipe Fees (point of sales fees)
As a business owner, you pay the credit card company every
time someone uses their card to pay you. These are always business-related
expenses and fully tax deductible.
Miscellaneous Fees
There are sometimes other fees associated with using a
credit card. For instance, your cash advance fees are deductible.
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